- As discussed in Last Analysis We have bounced from gann angle as shown below suggesting we are heading towards 29250/29700 range till we hold to 28450 levels. Bank Nifty failed to hold 28450 and corrected almost 400 points, Now Bulls need to move above 28100 for a move back to 28400/28700. Bears will get active below 27900 for a move back to 27700/27521. Today is important time cycle date and we are near gann angle support suggesting we can rally above 28100.
- Bank Nifty Oct Future Open Interest Volume is at 15 lakh with addition of 1.5 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @30213 closed below it.
- 29000 CE is having highest OI @3 Lakh resistance at 28500 followed 29000.28000-31000 CE added 1.5 Lakh in OI so bears added position in the zone of 28300-28500.
- 27500 PE is having highest OI @2 Lakh, strong support at 28300 followed by 28000.27000-30000 PE added 1 Lakh OI so bulls making support in the range of 28000-28100.
Buy above 28100 Tgt 28225,28400 and 28600 (Bank Nifty Spot Levels)
Sell below 27900 Tgt 27777,27600 and 27400 (Bank Nifty Spot Levels)